SERES(SH:601127) Western Securities·2025-09-03 10:42Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company continues to experience high growth in profitability, with a significant increase in net profit by 81.03% year-on-year for the first half of 2025, despite a 4.06% decrease in total revenue due to declining automobile sales and product mix [1][2] - The company's high-end product series, particularly the "Wenjie" models, have solidified its position in the premium market, with over 14.7 million units delivered in the first half of 2025 and an average selling price exceeding 400,000 yuan [1][2] Financial Performance Summary - For the first half of 2025, total revenue was 624.02 billion yuan, with a net profit of 29.41 billion yuan [1] - In Q2 2025, total revenue reached 432.55 billion yuan, marking a 12.4% year-on-year increase, while net profit grew by 56.09% to 21.93 billion yuan [1] - The company sold a total of 198,600 vehicles in the first half of 2025, including 172,100 new energy vehicles [1] Research and Development - The company has significantly increased its R&D investment by 154.9% year-on-year, resulting in a total of 6,826 authorized patents, a 19.8% increase [2] - The implementation of digital twin technology in the company's super factory has enhanced operational efficiency, covering 90% of business processes [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 1925.3 billion yuan, 2211.4 billion yuan, and 2595 billion yuan for the years 2025, 2026, and 2027, respectively [2] - Expected net profits for the same years are 97.7 billion yuan, 129.7 billion yuan, and 155.5 billion yuan [2] Key Financial Metrics - The company is expected to have an EPS of 5.98, 7.94, and 9.52 for the years 2025, 2026, and 2027, respectively [4] - The projected P/E ratios for the same years are 24.6, 18.5, and 15.4 [4]